Reed becomes latest in a list of high profile departures to quit consolidator

Powerplace chief executive Matthew Reed has become the latest high profile departure to quit Towergate, Insurance Times can reveal.

Reed, who is working his notice, is the latest to walk out the door in the last couple of months.

Former deputy chief executive Amanda Blanc quit to become AXA commercial boss, and ex-underwriting operations chief Mark Armitage left to become chief operating officer of Barbon.

Reed joined as chief executive of Powerplace in October 2009, stepping up from sales and marketing director of Towergate Risk Solutions.

His remit was to expand the online commercial quote company by aiming for around £1bn gross written premium by 2012.

A Powerplace spokesman confirmed Reed's departure and added: "Matthew is currently working his notice to ensure an orderly handover. We will appoint a new chief executive at PowerPlace in due course. In the meantime, the management team will report directly into Max Carruthers, who continues as chairman."

Last week Powerplace, along with sister company Countrywide, was rolled into the Towergate group to become one of its subsidiaries following its £200m deal with Advent.